You could try something I often do to transition to what appears to be a flash of white then a posed still...... I start with frame of pure white (made in Photoshop or something) and cross dissolve to the subject at hand. I have even recorded the sound of a full size flash going off - "poof". It's goofy but it works!

Go to the Toolfarm demo page at http://www.toolfarm.com/forms/forms/demos-AE.html
Fill out the form and check the 'Effect Essential' (12th one down) demo.
After you have downloaded the software put the 'Camera Flash' plug-in in your Premiere Pro plug-ins folder (probably Program Files > Adobe > Adobe Premiere Pro 2.0 > Plug-ins > en_US)
Although the other plug-ins are demo versions, the camera flash is a full functioning one. You will see it in the Video Effects folder inside the Effect Essentials folder. You can adjust the effect and keyframe it to duplicate the look you are after. You will need to ramp it up at the end of one clip and then ramp it down in the next clip to get the transition like the demo you referred to.

Go to the Toolfarm demo page at http://www.toolfarm.com/forms/forms/demos-AE.html
Fill out the form and check the 'Effect Essential' (12th one down) demo.
After you have downloaded the software put the 'Camera Flash' plug-in in your Premiere Pro plug-ins folder (probably Program Files > Adobe > Adobe Premiere Pro 2.0 > Plug-ins > en_US)
Although the other plug-ins are demo versions, the camera flash is a full functioning one. You will see it in the Video Effects folder inside the Effect Essentials folder. You can adjust the effect and keyframe it to duplicate the look you are after. You will need to ramp it up at the end of one clip and then ramp it down in the next clip to get the transition like the demo you referred to.

Lloyd, this is PERFECT.

is there any way for me to make this a macro video transition? ie. 'keyframe clip one ramp up-> keyframe clip 2 ramp down + an additive disolving blending both clips together.'